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Two persons, including an employee of a private sector bank, were today arrested with demonetised currency notes with a face value of Rs 1.69 crore, police said.

Acting on a tip off, officials of the Rajkot Special Operation Group(SOG) nabbed two persons outside the central bus depot this afternoon with demonetised currency notes having a face value of over Rs 1.69 crore, said Rajkot Police Commissioner, Anupam Singh Gehlot.

"While searching through their bag, the SOG team found demonetised currency notes of Rs 1,69,27,500, including 7,185 notes of Rs 1000 and remaining of Rs 500 denomination," Gehlot told media persons here today.

He identified the two persons who have been arrested as Kamal Bhatt, a resident of Junagadh and his friend, Rajkot-resident Ashok Chhaya.

Primary investigation by the police has revealed that the duo were planning to exchange these notes with valid ones through a commission agent.

"We have learnt that Bhatt is working as a clerk in a private sector bank in Junagadh while Chhaya is a carpenter. The duo were in search of a commission agent to exchange these notes, for which, they were planning to go to a metro city," Gehlot said, adding that further investigations was on.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)